Corient Private Wealth LLC Acquires 2,579 Shares of Avnet, Inc. (NASDAQ:AVT)

Corient Private Wealth LLC lifted its holdings in Avnet, Inc. (NASDAQ:AVT) by 4.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 60,038 shares of the company’s stock after acquiring an additional 2,579 shares during the quarter. Corient Private Wealth LLC owned 0.07% of Avnet worth $3,139,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Pacer Advisors Inc. raised its holdings in Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock worth $148,623,000 after purchasing an additional 2,816,889 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Avnet during the 4th quarter valued at about $32,676,000. Hotchkis & Wiley Capital Management LLC increased its stake in Avnet by 204.6% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock valued at $37,489,000 after purchasing an additional 463,660 shares in the last quarter. Harbor Capital Advisors Inc. increased its stake in Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after purchasing an additional 148,588 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Avnet by 24.7% in the third quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after acquiring an additional 114,217 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Bank of America lowered shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial reduced their price target on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research note on Thursday, January 30th.

Avnet Stock Performance

AVT opened at $46.99 on Friday. Avnet, Inc. has a 12-month low of $46.24 and a 12-month high of $59.24. The company’s 50 day moving average is $50.80 and its 200 day moving average is $52.59. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market cap of $4.06 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.13 and a beta of 1.09.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. On average, equities research analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.81%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio is presently 37.39%.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.